Adaptive Reuse Self Storage Facility Opens in Baltimore Suburb
- Jun 07, 2021
Self Storage Plus has opened an upscale self storage facility in a former Pikeville, Md., printing plant. The owner, Garver Development Group, received $13.3 million in acquisition and development financing from Sandy Spring Bank at the end of last year, Yardi Matrix data shows.
Located at 1315 Greenwood Road, the two-story drive-through facility includes 25- to 300-square-foot climate-controlled units and a 36,000-square-foot indoor parking area for luxury cars and trailers. In addition, 420-square-foot outdoor parking spaces for RVs are available on the site.
The property is within walking distance of Old Court Metro Station and some 12 miles northwest of downtown Baltimore, in a mainly single-family residential area. Two other self storage facilities are currently in the pipeline within a 5-mile radius.
Clean energy and repurposing
The Self Storage Plus facility offers 136,000 rentable square feet in a 1946-built industrial building, which operated as Port City Press until 2018.
Adaptative reuse and net-zero building conversion were also supported by a $3 million C-PACE loan originated by MD Energy Advisors, according to Commercial Observer. The main sustainability upgrade was the fitting of rooftop solar panels, with other major renovations including raising the ceiling to 14 feet in some parts of the building.
The self-storage sector in Baltimore is likely to benefit from the metro’s stable multifamily market at the start of the year, despite a significant contraction in employment rates. The occupancy rate in Baltimore was 8 percent above the national average, while rent rates increased by 4 basis points on a trailing-three months basis in January, according to a recent Yardi Matrix report.